Chesapeake Asset Management Expands Wealth Management Services With Acquisition Of Cherry Lane Capital In New York

NEW YORK, April 11, 2022 /PRNewswire/ -- Chesapeake Asset Management (CAM), a privately owned, SEC Registered Investment Advisor founded in 1998, announced today that it has acquired Cherry Lane Capital, LLC. Terms of the transaction were not disclosed.

Cherry Lane Capital is a Registered Investment Advisor (RIA) with offices in New York City and Boca Raton specializing in investment management and financial & retirement planning. After an initial investment in 2020, CAM will purchase the remaining shares of Cherry Lane Capital, effective April 5^th, 2022.

CAM serves as a long-term strategic partner to families, endowments, and foundations, offering a comprehensive investment solution that combines direct investing in public markets with capital allocation across a select number of outside managers. The firm's multi-decade experience in alternative asset classes is a particular point of differentiation. The acquisition of Cherry Lane Capital expands the firm's reach into the retail wealth management arena. Cherry Lane co-founders Jesse Christensen and Ryan Berman will join Chesapeake as partners to lead the firm's newly established Wealth Management division.

Chesapeake's Managing Member Gerasimos Efthimiatos notes, "Cherry Lane has enjoyed impressive growth since its inception and over the past two years I was able to see first-hand how Jesse and Ryan run their business, their commitment to clients, and their investment philosophy which emphasizes long-term wealth creation. I am looking forward to working with them as we build an investment firm with a comprehensive offering that addresses our clients' investment and financial planning needs."

Jesse Christensen and Ryan Berman left Morgan Stanley in 2017 to launch Cherry Lane Capital. Christensen adds, "Chesapeake's legacy speaks for itself and we are honored to be a part of the firm's next chapter. Importantly, we are excited for our clients who will benefit greatly from the enhanced resources and intellectual capital embedded in our new venture".

SOURCE Chesapeake Asset Management, LLC